Jan 4, 2011

National debt climbing fast since 2008 hits $14,025,215,218,708.52

From a CBS News report:

It took just 7 months for the National Debt to increase from $13 trillion on June 1, 2010 to $14 trillion on Dec. 31. It also means the debt is fast approaching the statutory ceiling $14.294 trillion set by Congress and signed into law by President Obama last February.

And now Mr. Obama wants to increase the ceiling again.

In fact, if the ceiling isn't raised the federal government would have to stop borrowing and might even default on its obligations if Congress dos not increase the ceiling before the limit is reached.

Some Republicans in the new Congress have said they'll seek to block an increase in the Debt Ceiling unless a plan is in place to significantly reduce federal spending and unfunded government liabilities on entitlement programs such as Social Security and Medicare.

This is why Americans turned a host of Congressmen out of office last November.

Will the irresponsible spending of the Obama administration finally come to an end?

The country would be in even worse financial trouble if Reid could have crammed the bloated Omnibus bill through the Senate in December.